Deutsche Bank AG (DB) , Germany's largest lender, is considering a plan to cut some 10,000 jobs as new CEO Christian Sewing moves rapidly to increase profitability following three straight years of losses totaling more than $10 billion.

An announcement could come later on Wednesday, ahead of an annual shareholder meeting scheduled for Thursday in Frankfurt, a person with knowledge of the matter said. The cuts, earlier reported by the Wall Street Journal, would represent about 10% of the bank's 97,130 employees as of March 31.

Sewing, 48, was named last month to take over from John Cryan, and within weeks had disclosed plans to "significantly" reduce costs, describing shareholder returns as "not satisfactory." The bank's share price has tumbled 34% in the past year, even as rival global banks JPMorgan Chase & Co. (JPM) and Bank of America Corp. (BAC) have notched gains of more than 30%.

A major target of Sewing's overhaul is the bank's trading and investment-banking division, which was a global powerhouse before an erosion of its market share in recent years. The lender has pledged to reduce its commitment to U.S. and Asia, while scaling back its U.S. government-bond trading operations.

Deutsche Bank also has pledged to review its global stock-trading business, under a plan to ultimately reduce the scale of the platform, and to pare back in the business of providing trading loans to hedge funds. The corporate-finance business, meanwhile, will be refocused on "industries and segments which either align with its core European client base or link to underwriting and financing products in which it enjoys a a leadership position," according to an announcement last month.

As part of the review of the stock-trading business, the bank could reduce the scale of its stock-trading platform in the U.S., the person with knowledge of the matter said.

The company's profit in the first quarter plunged by 79% from a year earlier to 120 million euros ($146 million), well below analysts' average projection of 377 million euros.

"We have to act decisively and to adjust our strategy," Sewing said in an April 26 statement. "There is no time to lose."

Deutsche Bank had been a major foreign player in the U.S. investment-banking and trading business since its $10 billion purchase of the century-old Wall Street firm Bankers Trust in 1999.

As recently as 2012, Deutsche Bank ranked third among 13 big U.S. and European firms in the business of trading of bonds, currency and commodities, with an 11% share of revenue, according to the U.S. brokerage firm Keefe, Bruyette & Woods. Its market share had dwindled in recent years but still ranked fourth in 2017, with a share of 7.7%.

Deutsche Bank was a smaller player in stock-trading, ranking 10th with a 5.1% share last year, according to KBW. Any retrenchment in that business could benefit the two dominant leaders in the arena, Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS) , according to KBW.